Summary

The Marine Driller Riser market is expected to grow at a strong CAGR of around 6% during the forecast period owing to the increasing demand for fossil fuel along with the increasing investment in offshore oil and gas technology. The global marine driller riser market has been growing at a significant pace in recent years, driven by the increasing demand for fossil fuels and offshore exploration. Offshore exploration has become increasingly popular in recent years due to the abundance of oil and gas reserves in deep waters, and this has resulted in a growing need for advanced drilling equipment and technologies, including marine driller risers. Marine driller risers are long, vertical pipes that connect the drilling rig to the wellhead, which is the device that penetrates the ocean floor and extracts oil and gas. They are critical components of offshore drilling operations, as they allow drilling fluids, such as mud, to be pumped down to the wellhead and allow the drilling rig to extract the extracted oil and gas. The offshore drilling industry is a significant consumer of marine driller risers, as these risers are essential for drilling operations in deep waters.

Some of the major players operating in the market include Tenaris, SLB, PARKER HANNIFIN CORP, Aker Solutions, Dril-Quip, Inc., Acteon Group Ltd., Baker Hughes Company, TechnipFMC plc, Weatherford, and SUBSEA7. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst type, Between 10-15 inches segment held a dominating share of the market in 2021”
Based on type, the market is segmented into below 10 inches, between 10-15 inches and above 15 inches. Between 10 to 15 inches marine driller riser segment is expected to hold a significant market share during the forecast period owing to the increasing demand from shallow water exploration areas. Also, the growth in the renewable energy sectors is also expected to drive the market growth due to the incorporation of the marine driller riser in larger wind farm projects. In addition, the demand for 10 to 15 inches marine driller risers can be influenced by a variety of factors, including offshore drilling activities, oil and gas prices, technological advancements, government regulations, and economic conditions.

“Amongst applications, the shallow water segment is expected to register significant CAGR during the forecast period”
Based on application, the market is segmented into ultra-deep water, deep water, and shallow water. The marine driller riser in the shallow water segment is expected to register a significant CAGR during the forecast period. Also, the increasing offshore exploration and production activities attributed to the increasing demand for energy are expected to support the market growth. For instance, according to the IEA, the offshore oil and gas production for the year 2016 was 26.4 and 17.5 thousand barrels of oil equivalent per day respectively and expected to reach 27.4 and 29.6 thousand barrels of oil equivalent for oil and gas respectively under new policies scenario and 18.7 and 23.5 thousand barrels of oil equivalent per day for oil and gas respectively under sustainable development scenario by the year 2040.

“North America dominated the Marine Driller Riser market in 2021”
North America dominated the marine driller riser market in 2021 due to the boom in shale oil and gas exploration along with offshore drilling activities and technological advancements such as horizontal drilling and hydraulic fracking. Also, the increasing investment along with the development of the new offshore field is expected to support market growth in the region. For instance, according to the report published by the EIA in 2022, there are nine offshore field development will take place in the following year including Dome Patrol, Argos/Mad Dog 2, Olympus and others which will account for 14% of crude oil and 5% of gas production in US GoM waters.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global Marine Driller Riser market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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